CBH says has received an improved offer from Toho

CBH Resources
has said it has received an improved bid from Toho Zinc Co.

The new price for Toho's proportional offer for CBH shares has been increased by 20 per cent from $0.25 per share to $0.30 per share, CBH said in a statement on Tuesday.

"The structure and other terms of the proportional takeover offer remain the same as announced to the market on 16 March 2010."

This includes that Toho will offer to acquire between 26.5 per cent and 28.5 per cent of all shares held by CBH shareholders to give it a relative interest in not more than 49.9 per cent of the shares.

A committee of CBH directors who are independent of Toho will consider the new bid.

“Before this latest increase in offer price, the independent committee had already endorsed Toho’s previous proposal which is presently scheduled to be put to CBH shareholders at a general meeting on 28 April 2010."

The company has als received a new proposal from Nyrstar NV, which is to acquire all of the ordinary shares of the company for $0.195 per share and to acquire the CBH Convertible Notes at $1,000 per Note, subject to the satisfaction of certain preconditions.

The company has subsequently facilitated one of the preconditions of the Nyrstar proposal, which was confirmatory due diligence on CBH.